CSS Profile Income Questions

Paying for College
1

In attempting to fill out the CSS Profile I have come across difficulties with parent income. When it asks “How much did ___ earn from work in 2017?” on the side it says

"Enter the income this parent earned from work. Include wages, salaries, tips, and commissions.

Include income reported on W-2 forms or other earning statements and any earnings from work that are not included on earnings statements.

If this parent is a U.S. tax filer, include the this parent’s portion of income reported on

  • IRS Form 1040, lines 7, 12, and 18 and Schedule K-1 (Form 1065), Box 14 (Code A);
  • 1040A, line 7;
  • or 1040 EZ, line 1.

If lines 12 or 18 or Box 14 are negative, treat them as zero."

While I see the lines 7,12,18 I get around 20,000 from wages, salaries, etc. However, I’m not sure what it means by Schedule K-1 (Form 1065), Box 14 (Code A). My dad owns a business and on other tax information for the business it says that business income is another value. 14000. I’m not sure if those two values should be added up to get the total income for him or is one part of the other? Overall I would like to know how to report this information and where to find it.

2

You need to ask your dad for the K-1, which is not part of his tax return.

3

Your father may not have a K-1. If he doesn’t, there is nothing to add in.